Critical minerals, infrastructure top Yoon's talks with African leaders ahead of summit

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Critical minerals, infrastructure top Yoon's talks with African leaders ahead of summit

Published: 02 Jun. 2024, 19:26

SARAH KIM
kim.sarah@joongang.co.kr

President Yoon Suk Yeol, right, shakes hands with Tanzanian President Samia Suluhu Hassan ahead of their bilateral summit at the Yongsan presidential office in central Seoul on Sunday. [PRESIDENTIAL OFFICE]

President Yoon Suk Yeol held a series of meetings with leaders of African countries over the weekend ahead of this week's inaugural Korea-African Summit.

The whirlwind diplomacy comes as Korea aims to secure critical mineral imports and boost trade ties with African nations.

On Sunday, Yoon held a luncheon meeting with Tanzania's President Samia Suluhu Hassan, who was on an official visit to Korea ahead of the two-day summit inviting delegations from 48 African countries.

The two leaders agreed on the need to strengthen cooperation between the two countries to ensure a stable supply of core mineral resources in the era of the fourth industrial revolution, the presidential office said in a statement.

Tanzania is notably rich in critical minerals such as lithium, cobalt and nickel, which are vital components of electric vehicle (EV) batteries.

The two sides signed a memorandum of understanding (MOU) on securing a critical minerals supply chain. They also signed a blue economy cooperation MOU, agreeing to strengthen ties between the two countries in the marine resources and fisheries sectors.

Yoon announced the initiation of negotiations for an economic partnership agreement with Tanzania, the first with an African country, the presidential office said in a statement. He expressed hopes that the agreement would be concluded quickly and contribute to diversifying and increasing trade between the two countries.

Korean companies have participated in building major infrastructure in Tanzania, including railroads and bridges.

Korea and Tanzania established diplomatic ties in 1992. This is the first time a Tanzanian leader has visited Korea in 18 years. Hassan is the first woman to hold the position.

Hassan also expressed hopes to continue working closely to promote trade and investment between the two countries.

The president said in a statement that she expects her official visit to Korea to promote a cooperative relationship between the two countries and further strengthen ties. She also said she enjoys K-pop, K-food and K-dramas and has become deeply aware of "K-hospitality."

Ethiopian Prime Minister Abiy Ahmed, right, and his wife, Zinash Tayachew, pay respect at the Korean War Memorial in Chuncheon, Gangwon, on Sunday. [YONHAP]

Later Sunday, Yoon held a bilateral summit with Ethiopian Prime Minister Abiy Ahmed, who arrived in Seoul earlier in the day to participate in the Korea-Africa summit. He was accompanied by first lady Zinash Tayachew for the official visit.

Ethiopian troops fought under the United Nations flag to support South Korea in the 1950-53 Korean War.

On Friday, Yoon met with Sierra Leone President Julius Maada Bio, who made an official trip to Seoul before the two-day summit.

Yoon and Bio held a luncheon meeting at the Yongsan presidential office and agreed to cooperate in trade and investment, education, agriculture and education.

The two leaders signed an MOU on the Trade and Investment Promotion Framework, a nonbinding agreement that calls to enhance cooperation in trade, investment and energy.

Korea also pledged to improve agricultural productivity and strengthen Sierra Leone's food security through the K-rice belt project. Last year, Korea launched the "K-rice belt" initiative with eight African nations, including Sierra Leone, to provide them with quality rice varieties and share its farming know-how to ensure sustainable food security.

Yoon and Bio also discussed ways to cooperate on the global stage, as both countries are currently serving two-year terms as non-permanent members of the UN Security Council.

Korean President Yoon Suk Yeol, back right, and Sierra Leone's President Julius Maada Bio, back left, watch their trade ministers sign a memorandum of understanding at a ceremony at the Yongsan presidential office in central Seoul on Friday. [PRESIDENTIAL OFFICE]

The 2024 Korea-Africa Summit convenes on Tuesday and Wednesday and will bring together delegations from 48 African countries.

Yoon is scheduled to meet with the leaders of 25 African countries participating in the summit, including those on official visits.

In a written interview with the AFP published Sunday, Yoon noted that Korea is a "high-tech manufacturing powerhouse, but it relies heavily on imports for over 95 percent of its raw mineral needs."

Notably, Africa has abundant mineral resources that are essential in the electric vehicle (EV) manufacturing and defense industries sectors.

In turn, Korea is one of the world's largest producers of high-tech semiconductors, with companies like top memory chipmakers Samsung Electronics and SK hynix.

Yoon noted that Africa has deep reserves of critical minerals, ranging from cobalt to platinum, needed to power the semiconductor industry, expressing hopes that Korea will boost cooperation to secure access.

However, he noted that despite Africa's importance and huge consumer market and population, trade with the resource-rich continent accounts for only 1.9 percent of Korea's total trade.

The 54 African countries have a total population of 1.2 billion people.

Yoon also said Korea has much experience to offer based on its transformation from a developing to an advanced country in half a century, "especially in terms of infrastructure development."

He said the South "grew from a developing country to an advanced nation in just half a century," adding that it has a lot of experience to offer, especially regarding infrastructure development.

Yoon said there were "myriad viable projects" where Korea and Africa could collaborate regarding infrastructure, including the construction of roads, railways, airports and ports, and smart city systems, including transportation.

BY SARAH KIM [kim.sarah@joongang.co.kr]